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Nov 23, 2012
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if congress does not reform taxes and avoid the "fiscal cliff" that's scheduled at the end of the year, your tax bill could rise by the thousands. in years past, congress exempted most middle class and low-income families from something called the alternative minimum tax. if they don't renew that exemption, a family with two children making $90,000 a year could owe an extra $3,000 in taxes. >> we are going to see a lot of everyday people get caught. >> reporter: also on the chopping block a tuition credit for parents who have kids in college. in certain brackets if you have two students paying tuition you could lose a $5,000 credit. that's five grand out of your spending money. >> plan for difficult times because the taxes will go up and so what do you do? if you are spending every dollar that you're making right now and your taxes go up, do you go in debt or do you adjust what you're spending? >> reporter: grace lee, cbs 5. >> comings has until the end of the year to solve the probable -- congress has until the end of the year to solve the problems but uncertainty is affecting almost
if congress does not reform taxes and avoid the "fiscal cliff" that's scheduled at the end of the year, your tax bill could rise by the thousands. in years past, congress exempted most middle class and low-income families from something called the alternative minimum tax. if they don't renew that exemption, a family with two children making $90,000 a year could owe an extra $3,000 in taxes. >> we are going to see a lot of everyday people get caught. >> reporter: also on...
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216
Nov 23, 2012
11/12
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if congress doesn't reform taxes and avoid the "fiscal cliff" at the end of the year your tax bill could rise by the thousands. in years past, congress exempted most middle class and low-income families from something called the alternative minimum tax. if they don't renew that exemption, a family with two children making $90,000 a year could owe an extra $3,000 in taxes. >> we are going to see lots and lots of everyday people get caught. >> reporter: also on the chopping block a tuition credit for parents who have kids in college. in certain brackets if you have two students paying tuition, you could lose a $5,000 credit. that's $5,000 out of your spending money. >> plan for difficult times. taxes are going up. so what do you do? if you're spending every dollar you're making now and your taxes go up, do you go in debt? or do you adjust your spending? >> reporter: those are just a few examples of what is at stake here. while congress has until the end of the year to solve some of these problems, the uncertainty is really affecting almost everyone. not knowing makes it difficult to playfo
if congress doesn't reform taxes and avoid the "fiscal cliff" at the end of the year your tax bill could rise by the thousands. in years past, congress exempted most middle class and low-income families from something called the alternative minimum tax. if they don't renew that exemption, a family with two children making $90,000 a year could owe an extra $3,000 in taxes. >> we are going to see lots and lots of everyday people get caught. >> reporter: also on the chopping...
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Nov 23, 2012
11/12
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cliff" and a positive start this morning. let's look at the numbers. right now the dow is gaining 58 points. nasdaq is up by 16. s&p moving higher by 6 points. and walmart shares are moving just slightly higher. michelle and brian, back to you. >> thank you, jason brooks with kcbs and cbsmoneywatch.com. >>> following in the footsteps of online retailers the cash- strapped u.s. postal service will be testing out same-day delivery this holiday season. same day. it will happen here in the bay area. the u.s. ps will partner with retailers and begin offering the service in san francisco this december. if things run smoothly it will en spanned to new york, chicago -- it will expand to other cities like new york, chicago and boston next year. >>> it's 6:49. let's check the weather. >> if they run smoothly. >> yeah. >> but they have to do something. the postal service is losing lots of money around the nation. wow. all right. shall we talk some weather? >> why not. [ laughter ] >>> around the bay area today, we are look at some sunsh
cliff" and a positive start this morning. let's look at the numbers. right now the dow is gaining 58 points. nasdaq is up by 16. s&p moving higher by 6 points. and walmart shares are moving just slightly higher. michelle and brian, back to you. >> thank you, jason brooks with kcbs and cbsmoneywatch.com. >>> following in the footsteps of online retailers the cash- strapped u.s. postal service will be testing out same-day delivery this holiday season. same day. it will...
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Nov 23, 2012
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dersressional leaders are looking at win/win scenarios to avoid the fiscal cliff. te goal is to bring in more revenue without raising tax rates, allowing both appears to say we stood our ground. high income tacks payers thaksed inco at the top rate. >>> a new arms race in cyber space. many governments are worried hat hackers could get into aeir mainframe computers, eurning to american companies ky, those that can be tricky, though. u.s. company needs a license from the state department before t can work for a foreign country. >>> usa today reports delve straighting drought is expected to last until e >>> we're looking very nice outside right now. the sun is up and looking good today. going to see a lot of sunshine throughout the entire day a few high clouds overhead. we have been seen patchy fog in the valleys. the temperatures now still chilly 39 degrees in santa rosa, 41 in san jose. 54 degrees in san francisco this afternoon, expecting lots of 60s. some places maybe sneaking into the low 70s. next couple of days going to be a beautiful weekend ahead other than s
dersressional leaders are looking at win/win scenarios to avoid the fiscal cliff. te goal is to bring in more revenue without raising tax rates, allowing both appears to say we stood our ground. high income tacks payers thaksed inco at the top rate. >>> a new arms race in cyber space. many governments are worried hat hackers could get into aeir mainframe computers, eurning to american companies ky, those that can be tricky, though. u.s. company needs a license from the state department...